The remaining hiss is generated in the final analog stages, DA-converter and following analog driver amplifiier.
The quoted 110dB dynamic range is about typical for usual DA-converters, so I guess it's just the DAC noise.
The firmware only has access to the digital stages that are located ahead in the signal chain, so cannot change the noise level.
The 110dB DAC's dynamic range can be adapted to the acoustic dynamic range, so either noise is 0dB SPL Aeff and max. output is 110dB SPL, or shift both figures up the same amount, e.g. noise 10dB SPL Aeff and 120dB max. acoustic output.
This is done by adapting the gain of the analog headphone driver amplifier.
These figures do not include some necessary headroom to avoid clipping by level changes though the DSP processing, at least 10dB I would estimate.
This headroom reduces the effectively available dynamic range and would confirm my measurement of about 20dB SPL Aeff noise and the Audeze claimed 120 dB SPL max. acoustic level.
Reducing the amplifier gain for lower noise does even mean, Mobius might not be loud enough on some weaker sources, as this cannot be compensated by additional digital gain in the DSP, else the DAC could be overloaded into clipping by too high level setting by the user, leading to new complaints.
Probably Audeze already has spend some of the primary available digital headroom into the 1st mod.
So far a detailed explanation of the situation as far as it can be seen from my outside position, not beeing a member of the Audeze team.